Key Points:
SUI has broken through a bullish pattern, opening up market space for a potential rise to $3.89.
Bitcoin (BTC) reached an all-time high on Thursday, and this bullish sentiment has spread to some selected altcoin markets. Sui (SUI) is one of them, with a strong increase of 11.3% to $3.41.
Can SUI continue this upward momentum? Let's explore the answer through chart analysis.
On Wednesday, SUI significantly rebounded from the 20-day Exponential Moving Average (EMA) ($2.92) and successfully broke through the 50-day Simple Moving Average (SMA) ($3.08) on Thursday.
The 20-day moving average is attempting to turn upward, and the Relative Strength Index (RSI) has jumped into the positive zone, indicating that bulls have regained market control. If buying pressure can stabilize the price above the 50-day moving average, the SUI/USDT trading pair is expected to rise to $3.55.
Conversely, if the price turns downward and falls below the 20-day moving average, it would indicate that bears are still actively selling during the rebound. In this case, the trading pair may drop to $2.64, and potentially further down to $2.29.
After the trading pair closed above the $3.08 level, it successfully completed a bullish inverse head and shoulders pattern. Although the moving averages of the upward trend show that buyers are in control, the RSI being in the overbought zone suggests that a short-term correction may be imminent. The neckline is a key support level to watch during the downward process. If the price can effectively rebound from the neckline, the trading pair may first rise to $3.50, and then reach the pattern target price of $3.89.
Analysts point out that if the price turns downward and falls below the moving averages, this optimistic expectation will be negated in the short term. In this scenario, the trading pair could first drop to $2.80, and then further down to $2.60.
Related: NFT sales reached $2.8 billion in the first half of 2025, while trading volume saw a significant decline.
Original: “SUI Bullish Chart Pattern Confirmation Sets Breakout Target at $3.89”
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